Troubled Eatonfield’s site sale talks collapse
DISTRESSED property developer Eatonfield has said that talks to sell its two Welsh sites to Trilandium LLP have fallen through.
In a statement to the stock exchange, the Tarporley-based company – owned by Secret Millionaire Rob Lloyd – said that “as a result of a number of changes to the terms that were subsequently requested at a late stage in negotiations, the board’s discussions with regard to the sale of the Welsh sites have been terminated with effect from 23 May 2011”.
It added that it was now in talks with its lenders to see whether “there are any alternatives to the sale that may present a viable way forward for Eatonfield” and was working on a proposal to put to its lenders by the end of the week.
The company’s banking facilities have now expired and are repayable on demand, although Eatonfield said that it had not received any demands for repayment from any of its lenders. However, it only has enough working capital to last it until the end of the month.
The company said that it would make a further announcement about its position by the end of the month but confirmed that a planned equity fundraising had now been postponed.
